JPMorgan Chase & Co. placed two employees on leave as the U.S. Department of Justice investigates the bank's metals trading practices, Reuters reported, citing a source familiar to the matter.
JPMorgan is under investigation for alleged "spoofing," or rigging the metals market by creating false demand to reap more benefits, according to Reuters.
The suspended employees are Michael Nowak, a managing director and global head of base and precious metals trading, Reuters said, citing his LinkedIn profile, and Gregg Smith, whose position the news service did not ascertain. Neither has been charged with a crime.
Two former JPMorgan traders have already pleaded guilty to participating in similar activities, Reuters noted.
